The Federal Reserve concludes a two-day policy meeting Wednesday, the first with Janet Yellen officially at the helm. The results of the meeting will unfold in two phases. At 2 p.m. EDT, the Fed will release a revised policy statement describing the Fed’s view of economic conditions, its plans for its $65 billion monthly bond-buying program and its expectations for the path of short-term interest rates, which have been set near zero since December 2012. Also at 2 p.m. it will release updated forecasts for growth, inflation, unemployment and interest rates. Then at 2.30 p.m. Fed Chairwoman Yellen will hold her first press conference. Her predecessor, Ben Bernanke, took questions for an hour. We’ll see if she follows suit.

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.